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Impact of Freedom of Choice on Income: An Evidence from Pakistan

Author

Listed:
  • Humaira Mumtaz
  • Muhammad Asif Malik
  • Haroon Javaid
  • Muhammad Asad ur Rehman Naseer

Abstract

People make hundreds of economic decisions each day, from what they will eat or even to decide career move. Research advocates that human behavior is strongly affected by freedom given to him and those blocks avoid them to act in accordance to their interests. The current study under hand is an attempt to explore the impact of freedom of choice on household incomes. Study consumed World Value Survey data for the years 2012-2014 for Pakistan. A simple Linear Regression analysis was used to measure the psychological behaviors on decisions which further affects the income of households in Pakistan (N=1200 where Punjab=604, Sindh=278, KPK=168 and Balochistan=150 ). Here Income of an individual is taken as dependent variable and Socio-economic variables (Freedom of choice, Mistrust, Risk aversion, Creativity, Loneliness, Age, Gender, Employment level, No. of children) were taken as independent variables. Study revealed that freedom has a positive impact on income of an individual. It is also concluded by the research that persons with higher level of perceived decision freedom tend to be more resilient and ultimately finds best ways to increase his income level.

Suggested Citation

  • Humaira Mumtaz & Muhammad Asif Malik & Haroon Javaid & Muhammad Asad ur Rehman Naseer, 2019. "Impact of Freedom of Choice on Income: An Evidence from Pakistan," Journal of Economic Impact, Science Impact Publishers, vol. 1(2), pages 64-69.
    • Handle: RePEc:adx:journl:v:1:y:2019:i:2:p:64-69
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    Cited by:

    1. Tayyaba Hina & Muhammad Asad ur Rehman Naseer, 2019. "Impact of Better Management Practices on Sustainable Cotton Production: Evidence from South Punjab," Journal of Economic Impact, Science Impact Publishers, vol. 1(3), pages 92-97.

    More about this item

    Keywords

    Freedom of choice; level of income; factors of income; Pakistan;
    All these keywords.

    JEL classification:

    • D87 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Neuroeconomics
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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